Traditionally, electric power networks have been controlled by a few centralized entities. Decisions concerning the operation of the network, including the dispatch of power generated, have originated from central locations of such entities. With the transition from a system with a few major dispatchable generation plants and inflexible loads to a system with a large amount of distributed generation and increasingly “smart” or “intelligent” participants (i.e., devices built with components enabling them to be remotely controlled by a system operator or grid component and/or components enabling them to minimize costs or otherwise adapt to various line conditions) on the demand side, such a centralized approach is no longer sufficient. Hence, distributed approaches need to be developed.